By Sean Patrick O'Feery, January 20, 2021
First- What is “Back-Up?”
Back-up is the term, often used by Realtors, to describe a second position buyer. If there is more than one offer on a home, a seller may choose to offer the people in second position “the back-up position” so that seller does not need to go back to the market if the first position offer does not work out. Sellers often like to avoid the process of going back to market; making space for new people to see the home and a the paperwork associated with a second round of offers can be inconvenient and time consuming.
As a buyer, it is hard to hear that your offer was not accepted. Most of us move into a home in our minds before our offer is accepted. Coming in second place in a multiple offer situation can have a real silver lining though. The back-up agreement is basically like having a first right of refusal if the buyer in first position chooses to back out.
It seems counter intuitive that in this strong sellers market, buyers are backing out of sales more than ever, but it is happening. It may be because of the high level of competition required to just get your offer accepted and have the opportunity to take a further look at a home. Once a buyer has an offer accepted, there can be a moment after the competition is over and you look a little further, that gives pause. There isn’t a lot of time to think things through thoroughly in this competitive market. This is making the back up position more valuable than ever.
My wonderful, experienced client Kate, who just got the keys to her new home yesterday, is a perfect example. We had made, and been turned down on, two offers and were prepping for a third when we got a call back from the agent from the second home. The buyers had backed out and we were being called up from the “Back-Up position.” Because the seller had one buyer back out, they seemed to be appreciative of our offer. We had some very reasonable negotiations around inspections and the sellers repaired an expensive sewer line. Now, because we were willing to take “back-up,” Kate is moving in to her new home!
Hang in there buyers and don’t hesitate to accept that second place prize of “Back-Up.” It is more valuable than ever before!
If you are looking for a buyers agent that is always looking out for you, give me a call!
Sean O'Feery
Broker | Earth Advantage | ADU Specialist | OR
Hello my name is Sean Patrick O'Feery,
I am thrilled to give you the attention to detail and service that you deserve from a skilled, motivated and intuitive Real Estate agent. I love this work and will make your purchase or sale to be as smooth, rewarding and exciting and it should be.
I have recently remodeled two homes with my wife and we own a couple of great rentals. Maintaining great relationships with vetted contractors is a must in my life and work.
I spend winters watching the snow reports of Baker, Steven’s, Crystal, Brundage, Meadows and Mt. Bachelor. Photo is circa 1993 coming down from Camp Muir on Mt Rainier… in Oakley Blades.
This is my wife. This is my child. My pets. My family.
If you would like genuine, focused and sincere representation in the sale or purchase of your home please call or email, providing excellent service has been a long-standing source of pride.
Sincerely,
Sean O’Feery
(206) 795-0703
sean@livingroomre.com
Read More
- My business has been built on referrals; over 95% of my clients come to me from other happy clients, friends, family or trusted lenders.
- Integrity is the most important component of my business. My reputation is a reflection of the integrity I bring to my work and I work hard to earn it. You can count on me to give you my honest and informed opinion that will serve you first. My fiduciary responsibly is to you; my client and I hold this ideal to the highest standard.
- Communication is essential! I will provide you complete and timely information so you can make good decisions. I will keep you informed to the next step and beyond at every point of the process from the introduction meeting to the closing and beyond.
- Negotiation skills in this business are a must; I will be a fierce advocate for you throughout the process.
- A broad knowledge of homes and their conditions. Whether it is a 1909 Craftsman or a LEAD Certified new construction it is important to have experience of what and where to look for quality or concerns. We have our own experience in remodeling homes and maintain good relationships with inspectors and contractors.
- I am always seeking to refine my practice, learning new tools or to solidify my knowledge of our market, neighborhoods and the inventory. You can count on me to be informed, skilled and up to date with the latest search and marketing tools.
- I want to maintain our relationship to continue and to be a valuable resource for you. I love to be of service.
I have recently remodeled two homes with my wife and we own a couple of great rentals. Maintaining great relationships with vetted contractors is a must in my life and work.
I spend winters watching the snow reports of Baker, Steven’s, Crystal, Brundage, Meadows and Mt. Bachelor. Photo is circa 1993 coming down from Camp Muir on Mt Rainier… in Oakley Blades.
This is my wife. This is my child. My pets. My family.
If you would like genuine, focused and sincere representation in the sale or purchase of your home please call or email, providing excellent service has been a long-standing source of pride.
Sincerely,
Sean O’Feery
(206) 795-0703
sean@livingroomre.com
- T: 206-795-0703
- F: 503-961-8224
- sean@livingroomre.com
F
503-961-8224